Virginia Man Pleads Guilty To Lying To SBA About Loan Default

LAFAYETTE, La. –United States Attorney Stephanie A. Finley announced today that Rene Michael Ward, 45, of Chantilly, Va., entered a guilty plea before U.S. Magistrate Judge Patrick Hanna, to submitting false documents and lying to the Small Business Administration (SBA).
           
According to evidence presented at the guilty plea, Ward submitted numerous false documents to the SBA in an attempt to have the SBA agree to an offer-in-compromise to settle an outstanding loan in the amount of approximately $511,400 for a $10,000 lump sum payment.
           
Rene Ward faces five years in prison and three years of supervised release for one count of filing false documents to a government agency and also faces two years in prison and one year of supervised release for one count of making false statements to the Small Business Administration. He also faces a $250,000 fine for both counts.  A sentencing date of May 16, 2014 was set.
           
The Small Business Administration, Office of Inspector General, conducted the investigation.  Assistant U.S. Attorney Daniel J. McCoy is prosecuting the case.